Turkey earns $32.4 bln in privatizations

Turkey earns $32.4 bln in privatizations

ANKARA - Anatolia News Agency
Turkey earns $32.4 bln in privatizations

The Turkish government is still trying to privatize its remaining electricity distribution grids in a bid to totally withdraw from the sector. Hürriyet photo

Turkey’s Privatization Administration (ÖİB) has conducted privatizations worth $43.1 billion since such processes began in 1986, netting a total revenues of $32.4 billion as of Dec. 31, 2011, according to new figures.

The difference is due to deferred payments.

A total of 200 institutions have been privatized via share or asset sales since 1986, according to
the activity report of the administration. No public share is left in 189 of those institutions.

The privatization revenue in 2011 was a mere $1.4 billion, but
the administration has set an ambitious goal of 12.5 billion Turkish Liras for this year.

The government plans to decrease the public share in port, highway, bridge management, electricity production, telecommunications, and withdraw totally from electricity distribution and sugar production.

Lately, Turkey’s Supreme Board of Privatization (ÖYK) approved yesterday the privatization of 10.32 percent of the Petkim, Turkey’s leading petrochemical company, to Socar. Socar Turkey Enerji Corporation and Socar International had offered $168.5 million for 10.32 percent of Petkim shares.

privatization, economy, Turkey, earn, ÖİB